Business and Society
Textbook Exam Questions
Course Introduction
Business and Society explores the dynamic relationship between businesses, individuals, and the broader social environment in which they operate. This course examines how businesses influence and are influenced by societal values, cultural norms, ethical considerations, legal frameworks, and environmental concerns. Through case studies and theoretical frameworks, students learn about corporate social responsibility, stakeholder engagement, sustainable business practices, and the role of businesses in addressing social challenges. The course encourages critical thinking about the impact of business decisions on society and prepares students to make responsible and informed choices as future managers and leaders.
Recommended Textbook
Business Law Today Text and Summarized Cases E Standard 9th Edition by Roger LeRoy Miller
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Chapter 1: The Legal Environment
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Q1) A federal law that conflicts with the U.S.Constitution will be deemed unconstitutional.
A)True
B)False
Answer: True
Q2) In Export Co.v.Imports,Inc.,there is no precedent on which the court can base a decision.The court can consider
A) neither public policy nor social customs and values.
B) public policy only.
C) public policy or social customs and values.
D) social customs and values only.
Answer: C
Q3) The River City Council,the Santa Clara County Board,the Texas state legislature,and the U.S.Congress enact laws.These laws constitute
A) administrative law.
B) case law.
C) stare decisis.
D) statutory law.
Answer: D
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Chapter 2: Constitutional Law
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Sample Questions
Q1) A restriction on commercial speech that implements a substantial government interest may be valid.
A)True
B)False
Answer: True
Q2) Brad stands in front of Rustler's Round-Up Café,shouting "fighting words" that are likely to incite Rustler's patrons to respond violently.The First Amendment protects such speech
A) all of the time.
B) none of the time.
C) only if it is noncommercial.
D) only if it is symbolic.
Answer: B
Q3) A state law that places a significant burden on religion is unconstitutional.
A)True
B)False
Answer: True
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Chapter 3: Courts and Alternative Dispute Resolution
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Q1) Hua,a resident of Illinois,owns a warehouse in Indiana.A dispute arises over the ownership of the warehouse with Jac,a resident of Kentucky.Jac files a suit against Hua in Indiana.Regarding this suit,Indiana has
A) federal question jurisdiction.
B) in personam jurisdiction.
C) in rem jurisdiction.
D) no jurisdiction.
Answer: C
Q2) A summary judgment is granted only if there is no genuine question of law.
A)True
B)False
Answer: False
Q3) A justiciable controversy is a case in which the court's decision-the "justice" that will be served-will be controversial.
A)True
B)False
Answer: False
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Chapter 4: Torts and Cyber Torts
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Q1) Publishing false information about another's product is conversion.
A)True
B)False
Q2) A failure to return personal property is conversion even if the rightful owner consented to the initial taking.
A)True
B)False
Q3) Bella owns a farm in Colorado.Doyle drives his sport utility vehicle off a highway and onto Bella's land.Doyle commits trespass if he
A) does not have Bella's permission to drive on the property.
B) drives onto the property for recreational purposes.
C) harms the property in a material way.
D) harms the property in any way.
Q4) An assumption of risk defense does not require that a risk be voluntarily assumed.
A)True
B)False
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Chapter 5: Intellectual Property and Internet Law
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Q1) There are no registration requirements for trade secrets.
A)True
B)False
Q2) A marketing technique can be a trade secret.
A)True
B)False
Q3) Ric designs a new computer hard drive,which he names "Sci Phi." He also writes the operating manual to be included with each final product.Ric could obtain patent protection for
A) the hard drive.
B) the "newness" of the hard drive.
C) the name.
D) the operating manual.
Q4) A person can reproduce copyrighted material for purposes such as teaching,including multiple copies for classroom use,without paying royalties.
A)True
B)False
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Chapter 6: Criminal Law
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Q1) Larceny relies on stealth while robbery relies on fear and force.
A)True
B)False
Q2) Mens rea refers to the mental state necessary for criminal liability.
A)True
B)False
Q3) Roy owns Roy's Cafe.A fire destroys the cafe,and Roy is arrested on suspicion of setting it to collect the insurance.At the time of the arrest,Roy is not informed of his rights.Any statement Roy makes will be admissible
A) in all circumstances.
B) in some circumstances.
C) in no circumstances.
D) regardless of the circumstances.
Q4) A suspect cannot be tried twice in the same court for the same crime.
A)True
B)False
Q5) Embezzlement can be committed only by physically taking property from the possession of another.
A)True
B)False
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Chapter 7: Cyber Crime
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Q1) Through a series of e-mail messages,Hudson convinces Gwen to transfer funds to Hudson to invest in Fried Critter Company stock on Gwen's behalf.Fired Critter stock does not exist.This is computer crime in which the computer is A) the object of the crime. B) the subject of the crime.
C) the instrument of the crime. D) irrelevant to the crime.
Q2) The full extent of cyber crime is well known.
A)True
B)False
Q3) Boris programs software to prompt a computer to continually crash and reboot.Boris's goal is to install this program on various companies' computer systems without the companies' knowledge.The program can reproduce itself,but must be attached to a host file to travel from one computer network to another.This program is A) a hacker.
B) a bot.
C) a virus.
D) a worm.
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Chapter 8: Ethics and Business Decision Making
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Q1) Some U.S.bribery laws are directed toward accountants.
A)True
B)False
Q2) Kennedy Capital Corporation provides other firms with funds to expand operations.If Kenney strictly complies with existing laws,the firm will
A) fulfill all business ethics obligations.
B) fulfill no business ethics obligations.
C) fulfill some business ethics obligations.
D) not need to fulfill any business ethics obligations.
Q3) Bess runs Creditors Asset Recovery.She recruits clients by misrepresenting the facts and pretending to be licensed in various occupations in Michigan.Bess's conduct most likely warrants
A) an ethical admonishment but no other sanctions.
B) an injunction plus other sanctions.
C) no sanctions but no praise.
D) praise for her aggression in recovering the assets of "deadbeat" debtors.
Q4) Business ethics focuses on ethical behavior in the business world.
A)True
B)False
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Chapter 9: Nature and Classification
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Q1) An offeror is a person who makes an offer.
A)True
B)False
Q2) A quasi contract is not a true contract.
A)True
B)False
Q3) When the words in a contract have more than one meaning,they are cut from the contract.
A)True
B)False
Q4) Greco promises to buy illegal copies of CDs and DVDs from Fava,who promises to deliver on April 15.These promises are most likely
A) enforceable.
B) valid.
C) void.
D) voidable.
Q5) The doctrine of quasi contract applies only if there is an actual contract.
A)True
B)False
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Chapter 10: Agreement in Traditional and E-Contracts
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Q1) Kim sends an offer to Leo to cut down and remove a tree for $200.Kim says,"If you say nothing,I will consider you to have accepted my offer." If Leo does not respond,he will be deemed to
A) accept the offer.
B) make a counteroffer.
C) reject the offer.
D) none of the choices.
Q2) No offer can be accepted by silence.
A)True
B)False
Q3) The UETA applies to an e-transaction unless the parties "opt out."
A)True
B)False
Q4) Deb buys a song through eSongs,an online music vendor.Before completing the purchase and downloading the song,Deb must agree to a provision not to sell copies of the song.This provision is
A) a browse-wrap term.
B) a click-on agreement.
C) a shrink-wrap agreement.
D) none of the choices.
Page 12
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Chapter 11: Consideration, capacity, and Legality
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Q1) Boyd is a minor.As a minor,Boyd has the capacity to enter into
A) an invalid contract.
B) an unavoidable contract.
C) a valid contract.
D) no contract.
Q2) Fay is mentally incompetent but has not been so adjudged by a court.Any contract Fay enters into is
A) voidable if Fay has a lucid interval at the time of contracting.
B) voidable if Fay lacks the capacity to comprehend the consequences.
C) voidable if the other party does not realize that Fay is incompetent.
D) unavoidable.
Q3) An adult may avoid any contract with a minor.
A)True B)False
Q4) A minor may disaffirm a contract only after attaining the age of majority. A)True
B)False
Q5) A minor may disaffirm a contract only if the subject matter is illegal.
A)True
B)False
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Chapter 12: Defenses to Contract Enforceability
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Q1) All collateral promises must be in writing to be enforceable.
A)True
B)False
Q2) All mistakes of fact are material.
A)True
B)False
Q3) Ollie buys a cup of coffee for $2,a magazine for $5,and a boombox for $600.The requirement of a writing for the enforceability of a contract for a sale of goods at,or for more than,a certain price is governed by
A) the common law.
B) the parol evidence rule.
C) the parties' agreement.
D) the Uniform Commercial Code.
Q4) Oral evidence of the meaning of a contract with incomplete terms can be introduced at a trial.
A)True
B)False
Q5) Misrepresentation of a material fact cannot occur through conduct alone.
A)True
B)False
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Chapter 13: Third Party Rights and Discharge
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Q1) Xavier enters into a contract to operate a Yummy Yogurt franchise,which Yummy agrees to support as long as Xavier maintains his business license.Yummy's duty to perform is
A) absolute.
B) conditional.
C) licentious.
D) operational.
Q2) Frank and AgriShip,Inc.,enter into a contract for AgriShip to transport a silo of soybeans for which Frank agrees to pay.When AgriShip's schedule conflicts,the firm contacts Hybrid Transport Company,to which AgriShip "assigns all rights under the contract." This transfer is
A) an assignment and a delegation.
B) an assignment only.
C) a delegation only.
D) neither an assignment nor a delegation.
Q3) A right to receive damages on a breach of a contract for a sale of goods may be assigned.
A)True
B)False
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Chapter 14: Breach and Remedies
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Q1) Even-Flo Hydraulics enters into a contract to repair valves and fittings in Fiesta Company's plant.If Even-Flo breaches the contract,Fiesta can
A) do nothing but make a deal with .a different service provider.
B) do nothing but temporarily suspend operations and wait.
C) file a criminal complaint against Even-Flo.
D) sue Even-Flo for damages.
Q2) If a party breaches a contract,the other party can file a criminal complaint
A)True
B)False
Q3) Consequential damages are foreseeable damages that arise from a party's breach of a contract.
A)True
B)False
Q4) Punitive damages are never awarded in breach of contract actions.
A)True
B)False
Q5) A breach of contract may entitle the innocent party to rescind the contract.
A)True
B)False
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Chapter 15: The Formation of Sales and Lease Contracts
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Q1) Quinn enters into a series of agreements with Reba involving a sale of a Suite Dreams Motel,including the land,building,furnishings,shares of stock in Suite Dreams Company,and a contract with Trudy to create an ad campaign.Reba suspects that Quinn may be misrepresenting the facts.The UCC Statute of Frauds governs
A) the sale of any of the property evidenced by a writing.
B) the entire deal, including the marketer's services.
C) the sale of the furnishings priced at $500 or more.
D) the sale of the land and the building.
Q2) If a contract for a sale of goods does not include a price term,a reasonable price can be determined by looking at the market for the goods.
A)True
B)False
Q3) Omni Corporation is a Pennsylvania-based firm that does business throughout the United States.With respect to this circumstance,the UCC has been adopted by,and applies in,
A) a few of the states.
B) all of the states, in whole or in part.
C) half of the states.
D) none of the states, to date.
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Page 17
Chapter 16: Performance Breach of Sales Lease Contracts
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Q1) Clear Day Company,which is based in Delaware,agrees to sell fifty windows,currently stored in Florida,to Great Vu,Inc.,which is based in Hawaii.Absent an agreement to the contrary,the place of delivery is in
A) California.
B) Delaware.
C) Florida.
D) Hawaii.
Q2) The term cure refers to the right of the seller to reject,adjust,or replace nonconforming goods.
A)True
B)False
Q3) Pep Paints agrees to sell to Quality Painters Grade A-1 latex outdoor paint to be delivered May 8.On May 7,Pep tenders Grade B-2 paint.Quality rejects the Grade B-2 paint.Two days later,Pep tenders Grade C-3 paint with an offer of a price allowance.Pep has
A) additional, unlimited time to cure.
B) a reasonable, additional time to cure.
C) one more day to cure.
D) no more time to cure.
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Page 18
Chapter 17: Warranties and Product Liability
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Q1) Dependable Appliances,Inc.,and Elain enter into a contract for a sale of kitchen appliances.Dependable,a merchant who deals in goods of the kind sold,notes that its goods come with an implied warranty of merchantability.Under the UCC,this means that the goods are reasonably
A) fit for the buyer's particular purpose.
B) fit for the ordinary purpose for which such goods are used.
C) suitable for resale at an acceptable price.
D) the best quality that money can buy.
Q2) Sweet Candy,Inc.,and Tasty Treats Stores enter into a contract for a sale of candy.Sweet,a merchant who deals in goods of the kind sold,makes express warranties in connection with the sale.Under the UCC,at the time a contract is formed,an express warranty can be disclaimed or modified
A) by clear, conspicuous language called to the buyer's attention.
B) by implied affirmations of fact relating to the goods.
C) in any way that the seller sees fit for the ordinary purpose.
D) in no way.
Q3) Express warranties displace all inconsistent implied warranties.
A)True
B)False
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Page 19
Chapter 18: Negotiable Instrument: Transferability Liability
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Q1) An instrument payable to two persons jointly requires the indorsement of only one of the payees for negotiation.
A)True
B)False
Q2) An instrument payable "with interest" must specify a particular rate to be negotiable.
A)True
B)False
Q3) An alteration of an instrument is material if it changes the terms between two parties in any way.
A)True
B)False
Q4) A person whose name is forged on an instrument is liable to pay only a holder in due course the value of the forged instrument.
A)True
B)False
Q5) A payee whose name is misspelled on an instrument cannot indorse the instrument.
A)True
B)False
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Chapter 19: Checks and Banking in the Digital Age
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Q1) Financial institutions that exchange digital images of checks do not have to exchange the original paper checks.
A)True
B)False
Q2) Dina's debit card,issued by Eminent Bank,is stolen and used without Dina's permission.Dina tells Eminent Bank within thirty days.Dina may be required to pay no more than
A) $5.
B) $50.
C) $500.
D) $5,000.
Q3) An oral stop payment order is valid for thirty days.
A)True
B)False
Q4) A bank cannot recover from a holder who cashes a check bearing a forged indorsement once the bank has accepted and paid the item.
A)True
B)False
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Chapter 20: Security Interests in Personal Property
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Q1) Efrem owns Fans & Players,a retail sporting goods shop.When Great Hill Lodge,a new ski resort,is built in the area,Efrem decides to expand and borrows a large sum from Hometown Bank.The bank takes a security interest in Efrem's present inventory and any after-acquired inventory as collateral for the loan.The bank properly perfects the security interest by filing a financing statement.Efrem's business is profitable,and he begins doubling his inventory. A year later,an avalanche destroys the ski slope and lodge.Efrem's business takes a turn for the worse,and he defaults on his debt to the bank.The bank seeks possession of his entire inventory,even though the inventory is twice as large as it was when the loan was made.Efrem claims that the bank has rights to only half of his inventory.Is Efrem correct? Explain.
Q2) Proceeds consist of whatever is received when collateral is sold.
A)True
B)False
Q3) A purchase-money security interest arises only when a seller provides a buyer with the "purchase money" to buy goods.
A)True
B)False
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Chapter 21: Creditors Rights and Bankruptcy
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Q1) The homestead exemption under the Bankruptcy Code is unlimited.
A)True
B)False
Q2) Elmo files a petition in bankruptcy.If the court concludes that there are grounds for a finding of "substantial abuse," the court will most likely
A) dismiss Elmo's petition.
B) discharge Elmo's debts.
C) distribute Elmo's property to Elmo's creditors.
D) issue an automatic stay against any actions by Elmo's creditors.
Q3) Ollie files a petition in bankruptcy.At the moment of filing
A) an automatic stay goes into effect.
B) Ollie's debts are discharged.
C) Ollie's petition is dismissed.
D) Ollie's property is distributed to Ollie's creditors.
Q4) A homestead exemption allows a debtor to pay a fixed debt for an amount less than was actually owed.
A)True
B)False
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Chapter 22: International Law in a Global Economy
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Q1) A foreign state is immune from the jurisdiction of U.S.courts as long as the state is involved in commercial activity in the United States.
A)True
B)False
Q2) A forum-selection clause indicates the place for the resolution of a dispute arising under a contract.
A)True B)False
Q3) Firms overseas have almost total legal protection against government acts in the countries in which they operate,under the act of state doctrine.
A)True
B)False
Q4) A foreign citizen can bring a civil suit in a U.S.court for a violation of a treaty of the United States.
A)True B)False
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Page 24
Chapter 23: Agency Relationships in Business
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Q1) Clu serves in a representative capacity for Digger.Elmo is injured through Clu's negligence.Digger may be liable to Elmo if Clu's conduct occurred
A) due to a propensity Digger was not and could not have been aware of.
B) during normal working hours.
C) in the course and scope of Clu's employment.
D) outside the parties' employment relationship.
Q2) Frida hires Gert,a real estate broker,to act as her agent to sell her house.The house burns down before being sold.The agency agreement is likely
A) still in force if Frida gives Gert additional consideration.
B) still in force if Gert does not tell prospective customers.
C) terminated by mutual consent of the parties.
D) terminated by operation of law.
Q3) An independent contractor is an employer who controls his or her agent's performance.
A)True
B)False
Q4) Employees who deal with third parties are agents of their employers.
A)True
B)False
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Chapter 24: Employment,immigration,and Labor Law
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Q1) Whistleblower statutes protect employers who retaliate against their employees for "blowing the whistle."
A)True
B)False
Q2) Federal law governs unions' internal business procedures.
A)True
B)False
Q3) Employee contributions to pension plans vest immediately.
A)True
B)False
Q4) An oral promise that an employer makes to employees regarding discharge policy may be considered part of an implied contract.
A)True
B)False
Q5) To recover workers' compensation,an employee must prove that an injury was the fault of the employer.
A)True
B)False
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Chapter 25: Employment Discrimination
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Q1) The Civil Rights Act of 1964 prohibits job discrimination on the basis of experience.
A)True
B)False
Q2) United Industrial Corporation gives preferential treatment in hiring and promotion to the members of all protected classes.This treatment results in discrimination against members of the majority.This is
A) a bona fide occupational practice.
B) a business necessity.
C) constructive discharge.
D) reverse discrimination.
Q3) Piku files an employment discrimination suit against Quotient Accounting,Inc.,under Title VII,based on its discharge of Piku.In these circumstances,possible relief under Title VII includes
A) damages only.
B) damages or job reinstatement.
C) job reinstatement only.
D) neither damages or job reinstatement.
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27
Chapter 26: Sole Proprietorships and Private Franchises
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Q1) Opie buys a franchise from Paradise Clothing Corporation.Because this franchise relationship is,like all other franchise relationships,primarily of a certain type,it is governed by
A) contract law.
B) the federal service-station franchise termination law.
C) the Federal Trade Commission's Franchise Rule.
D) the Illinois Franchise Disclosure Act.
Q2) Most fast-food chains are distributorships.
A)True
B)False
Q3) Under no circumstances may a franchisor establish an additional franchise in a territory allotted to a franchisee.
A)True
B)False
Q4) Normally,a franchisee determines the territory that it will serve. A)True
B)False
Q5) A sole proprietor may own and manage any type of business.
A)True
B)False
28
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Chapter 27: All Forms of Partnerships
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Q1) Denise and Elke do business as Final Curtain Decorators.In most states,for purposes of holding title to property,this partnership would be treated as
A) an aggregate of the individual partners.
B) a natural person.
C) an entity.
D) a non-existent party.
Q2) A partner may not pursue his or her own interest without violating the fiduciary duties that he or she owes to the firm.
A)True
B)False
Q3) Rona and Stiv do business as Treasure Island Traders.In acting on the firm's behalf in a deal with Unlimited Potential,Inc.,Rona makes an honest error in overestimating the profit.To her firm,Rona is
A) liable for breach of the duty of care.
B) liable for breach of the duty of economic sense.
C) liable for breach of the duty of loyalty.
D) not liable.
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Chapter 28: Limited Liability Companies Special Business
Forms
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Q1) A joint venture does not terminate unless one of its participants dies.
A)True
B)False
Q2) Jay is a member of Kappa,LLC,a limited liability company.Jay is liable for Kappa's debts
A) in proportion to the total number of members.
B) to the extent of his capital contribution.
C) to the extent that the other members do not pay the debts.
D) to the full extent.
Q3) Fab is the owner and manager of a business trust.Gilly is the beneficiary.Responsibility for the debts and obligations of the trust rest with A) Fab and Gilly.
B) Fab only.
C) Gilly only.
D) neither Fab nor Gilly.
Q4) The owners of a joint stock company are personally liable for its obligations.
A)True
B)False
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Chapter 29: Corporate Formation, merger, and Termination
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Q1) Like the bylaws of other corporations,the bylaws of Retail Sales,Inc.,
A) establish the operating name of the corporation.
B) establish the value and classes of corporate stock.
C) were adopted at its first organizational meeting.
D) were submitted for approval to the public official in charge.
Q2) A court can dissolve a corporation for mismanagement.
A)True
B)False
Q3) A corporation's internal management structure is described in its articles or bylaws. A)True
B)False
Q4) Candy Corporation has a right of action against Dina.Candy merges with Eats,Inc.,with Eats absorbing Candy.After the merger,Candy's right of action against Dina can be exercised by A) Candy.
B) Dina.
C) Eats.
D) no one.
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Chapter 30: Corporate Directors, officers, Shareholders
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Q1) In most states,a director cannot be removed from a corporate board without cause.
A)True
B)False
Q2) Bea is a shareholder of Candy Confections Corporation.The right to inspect corporate books and records is
A) held by Bea only if she is a director.
B) held by Bea, without restrictions.
C) held by Bea, with some restrictions.
D) not held by Bea.
Q3) Shareholders have a right to inspect corporate books and records. A)True
B)False
Q4) For action to be taken during a shareholders' meeting,a forum must be present. A)True
B)False
Q5) Corporate officers and directors owe no duty to individual shareholders. A)True B)False
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Chapter 31: Investor Protection, insider Trading, Corp Gov
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Q1) Fresh Seasonal Fruit Company has assets of less than $10 million and fewer than fifty shareholders.Gourmand Pastries,Inc.,has assets of more than $50 million and more than five hundred shareholders.The Securities Exchange Act of 1934 applies to
A) Fresh Seasonal Fruit and Gourmand Pastries.
B) Fresh Seasonal Fruit only.
C) Gourmand Pastries only.
D) neither Fresh Seasonal Fruit nor Gourmand Pastries.
Q2) Bild-It-Rite Corporation is a public company that is preparing to issue securities that do not qualify for an exemption from registration.This means that Bild-It-Rite must
A) file a registration statement with the SEC.
B) issue the securities through an online registration site.
C) refrain from issuing the securities to unregistered investors.
D) register the securities with a national stock exchange.
Q3) Generally,stock offerings that involve a small dollar amount are not exempt from the registration requirement.
A)True
B)False
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Page 33
Chapter 32: Promoting Competition
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Q1) Master Manufacturing Corporation has exclusive control over the market for its product.Under the Sherman Act,this is
A) a per se violation.
B) a violation if it acquired this power through "business acumen."
C) a violation if it acquired this power through "anticompetitive means."
D) not a violation.
Q2) Thermo Gas,Inc.,and Uno Oil Corporation refine and sell gasoline and other petroleum products.To limit the supply of gas on the market and thereby raise prices,Thermo Gas and Uno Oil agree to buy "excess" supplies from dealers and "dispose" of it.This is
A) a horizontal restraint.
B) a lateral restraint.
C) a vertical restraint.
D) not a restraint.
Q3) Monopoly power is an extreme amount of market power.
A)True
B)False
Q4) To violate antitrust law,an activity must involve two or more persons.
A)True
B)False
Page 34
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Chapter 33: Consumer and Environmental Law
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Q1) Like other manufacturers and sellers,Happy Household Products Company packages its products with labels.Under federal law,such labels must be
A) accurate and use easily understood words.
B) bright and feature eye-catching colors.
C) graphically distinctive and well-designed.
D) interesting and revealing to the average consumer.
Q2) In the ordinary course of business,Xtra Charge Company sells goods to Yvon and other consumers on credit under installment sales contracts that typically require at least one year of monthly payments.Xtra does not disclose all of the credit terms to its customers.This practice is most likely to result in
A) a cease-and-desist order.
B) a fine.
C) no sanctions.
D) rescission of the contracts.
Q3) On request,a consumer may obtain the source of any information being given out by a credit agency.
A)True
B)False
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Chapter 34: Liability of Accountants Other Professionals
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Q1) An opinion that disclaims any liability for false or misleading financial statements is too general.
A)True
B)False
Q2) A failure to follow generally accepted accounting principles and generally accepted auditing standards is proof of a lack of due diligence.
A)True
B)False
Q3) With respect to negligence,an accountant is subject to no greater standard of care than a person who is not an accountant.
A)True
B)False
Q4) Tiny is an accountant.Tiny's violation of generally accepted accounting principles and generally accepted auditing standards
A) does not indicate that Tiny was negligent.
B) is prima facie evidence that Tiny was negligent.
C) precludes Tiny from raising any defense against a negligence claim.
D) will never subject Tiny to liability.
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Chapter 35: Personal Property and Bailments
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Q1) In most bailments,the bailee has a right to place a lien on the bailed property until he or she is fully compensated.
A)True
B)False
Q2) Sid borrows Tony's paint sprayer to paint his house.Uma allows Vic to store his posthole digger in her shed.The party with a right to use the bailed property is
A) neither Sid nor Uma.
B) Sid and Uma.
C) Sid only.
D) Uma only.
Q3) It is presumed that a co-tenancy is a tenancy in common unless there is a clear intention to establish a joint tenancy.
A)True
B)False
Q4) If confusion occurs as a result of the act of a third party,that third party acquires ownership rights in proportion to the amount confused.
A)True
B)False
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Chapter 36: Real Property and Landlord-Tenant Law
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Q1) A landlord is usually required to give some period of notice to terminate a periodic tenancy.
A)True
B)False
Q2) Cow Country Corporation (CCC)sells half of its land to the Double R Ranch.On the land is a reservoir.In the deed,CCC retains the right to remove a limited amount of water per day from the reservoir.This right is
A) a leasehold estate.
B) a license.
C) an easement.
D) a profit.
Q3) Hobby Farms,Inc.,owns rural property that it leases to various tenants,including Ira.Ira's transfer of his entire interest in the leased property to a Jason is A) an assignment.
B) an eviction.
C) a right of entry.
D) a sublease.
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Chapter 37: Insurance, wills, and Trusts
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Q1) Dyan executes her will to give "to my nephew Esau my stock in Fargo,Inc." Later,Dyan writes separately,with the same formalities required for a will,to leave the stock to her niece Ginny and cash to Esau.This writing
A) does not affect the will's gift of the stock to Esau.
B) requires a gift of the stock in equal shares to Esau and Ginny.
C) revokes the whole will, which must be redrafted.
D) revokes the will's gift of the stock to Esau.
Q2) If a life insurance applicant pays a premium but dies before the physical exam,there is obviously no coverage.
A)True
B)False
Q3) Benny dies without a will,with no surviving spouse or child.Benny's survivors include his granddaughter Callie,his nephew Doug,and his cousin Earl.In most states,his estate would pass to
A) Callie.
B) Doug.
C) Earl.
D) the state.
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